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| Economy |
| Winter storms to distort US jobless figures-Summers |
| 2010-03-02 |
| I guess blaming Bush is no longer working now it's Mother Gaia's turn White House economic adviser Larry Summers said on Monday winter blizzards were likely to distort U.S. February jobless figures, which are due to be released on Friday. He's spinning well before the numbers have been released. Eleven percent here we come! "The blizzards that affected much of the country during the last month are likely to distort the statistics. So it's going to be very important ... to look past whatever the next figures are to gauge the underlying trends," Summers said in an interview with CNBC, according to a transcript. Construction activity was hit particularly hard by the storms, but many restaurants and stores also had to close, putting the brakes on hiring plans and temporarily throwing some employees out of work. Summers, director of the White House's National Economic Council, also said the United States was closely monitoring Greece's debt problems and U.S. Treasury Secretary Timothy Geithner was encouraged by what he had heard from European officials about the issue. "With respect to Europe, I am obviously very concerned about what's happening in Greece and Portugal, in Spain, in Italy, on the European continent," Summers said. "I think there have been increasing signs of recognition both in Greece and in the major countries of Europe that this is a situation that has to be managed; that combination of getting the Greek budget under better control and providing more support is necessary to stabilize this situation." Summers brushed aside speculation that he was interested in changing jobs. "I like what I'm doing," he said. "My view is if the president asks me to do something in which I think I can make a contribution, the right approach to it is to say yes, and that's why I'm very pleased to be here working at the National Economic Council." |
| Posted by:Beavis |
| #13 ION NEWS KERALA > TERRORISTS USING ECONO-JIHAD TO PARALYZE WESTERN ECONOMIES, e.g. OSAMA-VERSUS-USA. Pert believes the MilTerrs [e.g. OSAMA + AL QAEDA, etc] are desirous and indeed implementing potent startegies to destabilize and destroy US-Western economies via INDUCEMNT OF EXORBITANT TO DEBILITATING PUBLIC EXPENDITURES IN SUPPORT OF ANTI-TERROR STATE POLICIES, + GETTING THE US TO OPEN UP AS MANY NEW INTERNATIONAL OR WORLDWIDE ANTI-MILTERR BATTLE FRONTS AS POSSIBLE, IN AS MANY DIFFERENT COUNTRIES AS POSSIBLE. |
| Posted by: JosephMendiola 2010-03-02 19:38 |
| #12 Spring is hayfever season ya know. And tornados. And tax time So many reasons |
| Posted by: European Conservative 2010-03-02 17:33 |
| #11 well this is unexpected™ |
| Posted by: Frank G 2010-03-02 17:28 |
| #10 With some luck the summer hurricanes will push it to 12% In Germany, the jobless rate is 8 point something this year, with little movement. Our winter was cold, too. I think last time our rate was better than yours must have been during the Carter administration. Maybe. |
| Posted by: European Conservative 2010-03-02 17:03 |
| #9 I suppose Friday is the "surprise" of higher unemployment. Those unemployed Obama supporters must have the "deer in the headlights" look now. Even they deserve better than they got. |
| Posted by: whatadeal 2010-03-02 16:53 |
| #8 Global Warming is responsible for ... that permanent rash on your left buttock. And here I was blaming Sunny Lane. Al |
| Posted by: Frozen Al 2010-03-02 15:38 |
| #7 It is true that February's severe winter weather will have an adverse effect on employment stats. Someone who can't go go work because his employer closed due to bad weather is just as unemployed that day as someone without a job. It is also true that US gov't unemployment stats are just barely believable, month in and month out. I would be very interested in Larry Summers losing his government position & becoming unemployed himself. |
| Posted by: Anguper Hupomosing9418 2010-03-02 13:26 |
| #6 We must remember that in addition to higher temps, Global Warming is responsible for increased snowfall as well as droughts, flooding, cold spells, hurricanes in Nebraska, hives, scabies and that persistent rash on your left buttock. |
| Posted by: SteveS 2010-03-02 12:54 |
| #5 Just when everyone thought global warming was a bad idea! |
| Posted by: Halliburton - Mysterious Conspiracy Division 2010-03-02 12:00 |
| #4 Ah. The Dreaded American Winter™... |
| Posted by: tu3031 2010-03-02 11:58 |
| #3 What's the excuse for restaurants closing and little new construction in Houston? We've been surviving in a consumer-based/service industry economy for some time now but unemployed people have no disposable income. Spending tax dollars we don't have to cover for the unions isn't flying with the public. This isn't temporary--the Dems are dropping out of the picture like flies, too. I wonder which off-shore island his villa is on? |
| Posted by: Lumpy Elmoluck5091 2010-03-02 11:55 |
| #2 I honestly laughed when I read that headline. Only a Democrat administration could get away with this ridiculous spin in the MSM. In regards to the comments in the article about Greece, Steyn's recent column on NRO is not to be missed. |
| Posted by: eltoroverde 2010-03-02 11:34 |
| #1 What pure unmitigated bullshit. The lapdogs will take this as gospel and report accordingly. It must be getting bad, I figure they have been lying by half to begin with. |
| Posted by: NCMike 2010-03-02 10:15 |